Revenue Ireland iXBRL mandate support added to CoreFiling’s Seahorse® tagging tool
Corporation tax filers in Ireland can begin iXBRL filing to the Revenue Online Service using Seahorse®
Oxford, 12th December, 2012. CoreFiling, the leading developer of XBRL (eXtensible Business Reporting Language) and iXBRL (Inline XBRL) software products, has announced full support for corporation tax filing to Revenue Ireland using its Seahorse® iXBRL tagging product. Seahorse now includes the draft Irish GAAP taxonomy, plus support for both the Revenue filing rules and relevant company identifier schemes.
From September 2013 Revenue Ireland is mandating the iXBRL format for corporation tax filings, introducing it initially for those companies handled by the Large Cases Division. As a first step towards the mandate Revenue has updated its Online Service (ROS) to accept iXBRL filings tagged against the draft Irish GAAP taxonomy.
To help filers become familiar with submitting iXBRL financial statements to ROS prior to the full mandate, CoreFiling has added the Irish GAAP draft taxonomy, specific filing rules and relevant company identifier schemes to its Seahorse SaaS-based (Software as a Service) iXBRL accounts conversion tool. Seahorse is accessed via any internet browser, eliminating the need to download software locally and avoiding unnecessary maintenance overheads. Its unique tag suggestions engine enables users to take advantage of the accumulated tagging knowledge and professional accounting judgement exercised by all those who have used it to tag their accounts.
Philip Allen, CoreFiling’s Executive Chairman, commented: “By adopting Seahorse now, users can become familiar with the new filing regime and be confident of a smooth transition when the mandate comes into force next year. The switch from the current draft taxonomies to the final versions will be handled seamlessly thanks to the SaaS nature of the product. Powerful validation technology underpins Seahorse, so users can expect the same market-leading document acceptance rates at the ROS as those experienced by Seahorse users filing to HMRC.”
Regulators, government agencies and corporations around the world rely on CoreFiling for XBRL-based performance reporting solutions.
CoreFiling has for several years worked with HMRC as an Aspire Ecosystem partner providing reporting infrastructure tools. In 2011 the ICAEW formally recognised CoreFiling for its pioneering work devising and developing the iXBRL standard.
CoreFiling is an active member of the XBRL consortium which oversees the development of the XBRL specifications.